Best Forex Brokers for Beginners
Compare the best Forex brokers for beginners in Canada. We'll also touch on 5 things to look for in a Forex trading account.
Brokers we recommend
- Min. deposit: $100
- Platforms: MT4, MT5, TradingView, cTrader, Copy trading
- Regulators: Australia, Cyprus (EU), Kenya, South Africa, St. Vincent & the Grenadines
Trade over 1,000 instruments on flexible leverage up to 1:500 with FPMarkets.com, an ECN broker with a 20-year track record. FP Markets accepts all trading styles on MT4/5, TradingView and cTrader.
- Min. deposit: $50
- Platforms: MT4, MT5, Copy trading
- Regulators: Cook Islands
4xc.com is an offshore broker founded in 2018 by traders. Trade Forex, metals, oil and stocks with leverage up to 1:500. It accepts all trading styles and Expert Advisors on MT4/5.
- Min. deposit: $0
- Platforms: MT4
- Regulators: Cyprus (EU), Union of Comoros
FXCC.com is a regulated offshore broker with low spreads and high leverage, up to 1:500. It supports all trading styles on the MetaTrader 4 platform.
- Min. deposit: $50
- Platforms: MT4, MT5, cTrader, Copy trading
- Regulators: Cyprus (EU), St. Vincent & the Grenadines
Trade CFDs on a wide range of markets on MetaTrader 4 and 5, with leverage up to 1:1,000 through LiteFinance.com. This broker accepts all EAs and trading styles, including scalping and news trading. Earn up to 2.5% interest on your account's balance.
- Min. deposit: $100
- Platforms: MT4
- Regulators: Australia, Canada, Cyprus (EU), Mauritius, UK
Fortrade is a global broker, regulated in 5 jurisdictions. Trade over 550 instruments across all markets with up to 1:200 leverage. Its selection of North American and European stocks is a standout feature.
Comparison table
We rate brokers across 5 categories and 18 criteria, following a standardised methodology. Here are our overall and category-specific ratings:
| FP Markets | 4XC | FXCC | LiteFinance | Fortrade | |
|---|---|---|---|---|---|
| Overall | 4.8 | 4.1 | 4.0 | 3.9 | 3.7 |
| Markets | 5.0 | 3.8 | 4.0 | 4.0 | 5.0 |
| Trading environment | 4.9 | 4.4 | 4.2 | 4.4 | 4.0 |
| Deposits and withdrawals | 5.0 | 4.5 | 4.4 | 4.2 | 3.6 |
| Investor protection | 4.0 | 3.0 | 3.8 | 2.0 | 4.2 |
| Customer service | 5.0 | 4.7 | 3.8 | 4.7 | 1.8 |
| FP Markets | 4XC | FXCC | LiteFinance | Fortrade | |
|---|---|---|---|---|---|
| Forex (CFD) | |||||
| Cryptos (CFD)* | |||||
| Stocks (CFD) | |||||
| Indices (CFD) | |||||
| Metals (CFD) | |||||
| Energy (CFD) | |||||
| Commodities (CFD) | |||||
| ETFs (CFD) | |||||
| Bonds (CFD) |
* Availability is subject to local laws and regulations.
| FP Markets | 4XC | FXCC | LiteFinance | Fortrade | |
|---|---|---|---|---|---|
| MT4 | |||||
| MT5 | |||||
| cTrader | |||||
| Copy trading | |||||
| TradingView |
| FP Markets | 4XC | FXCC | LiteFinance | Fortrade | |
|---|---|---|---|---|---|
| Bank transfer | |||||
| Credit card | |||||
| Debit card | |||||
| BTC (Bitcoin) | |||||
| NETELLER * | |||||
| Skrill * | |||||
| USDT (Tether) | |||||
| Broker to broker transfer |
* Availability is subject to local laws and regulations.
| FP Markets | 4XC | FXCC | LiteFinance | Fortrade | |
|---|---|---|---|---|---|
| Australia | |||||
| Canada | |||||
| Cook Islands | |||||
| Cyprus (EU) | |||||
| Kenya | |||||
| Mauritius | |||||
| South Africa | |||||
| St. Vincent & the Grenadines | |||||
| UK | |||||
| Union of Comoros |
How to choose a broker for beginners
If you're new to Forex trading, choosing the right broker may seem daunting. Here are 5 things to look for in a Forex trading account for beginners.
1. Award-winning customer service
If you're new to Forex trading, you’ll need a broker that provides excellent customer service. This means having someone to answer your questions promptly and helpfully, in your mother tongue. To assess the quality and timeliness of your broker's customer service, we suggest contacting their support team prior to opening or funding your account. We like 4xc.com, winner of multiple awards in 2023 and 2022 commending the quality of its customer service(1).
2. User-friendly trading platform
Choose a user-friendly platform with advanced features. This is why all the brokers reviewed in this article support the popular MetaTrader 4 or 5 platforms. This will avoid any form of lock-in, and also make it easier for you to learn from their large communities of users. Both platforms support a rich ecosystem of apps. You'll also find more trading robots and indicators available for purchase from the MetaTrader Marketplace(2).
3. Low fixed spreads
Spreads are the difference between the buy price and the sell price of a currency pair. Low spreads mean that you will pay less in commissions when you trade. Spreads can either be fixed at all times, or float based on market conditions. We suggest trading through a broker that offers low fixed spreads, as this will make it easier for you to estimate each trade's profitability.
4. Learning material
As a beginner, you'll be keen to understand the basics of Forex trading and develop your trading skills. Take a look at the range of educational content available through FP Markets, that includes free online trading courses, ebooks and even weekly webinars. It's perhaps no surprise that FP Markets won the award for Best Education Material twice from Investment Trends Report(3). Some brokers will even give you the opportunity to ask professional traders questions in Q&A sessions.
5. Track record of success
Last but not least, choose a broker with a track record of success. Your chosen broker should have been in business for many years, and built a reputation among traders. This is why TrustedBrokers only partners with licensed brokers who've stood the test of time. However, we’d always encourage you to always do your own research before funding your trading account.
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About the author
I'm Stefan, a trader and an entrepreneur. My mission with TrustedBrokers is to help you find the right broker for you, whether you're a beginner or a pro. I've personally used and tested the brokers mentioned in this article. I started my career in investment banking in London as an FCA-approved person.
- 1. 4XC. Homepage. https://4xc.com/
- 2. MetaQuotes. MetaTrader Market. https://www.metatrader4.com/en/market
- 3. FP Markets. About FP Markets. https://www.fpmarkets.com/about-fp-markets/